RIS Media posted an article about Recruiting Generation Y. Being a proud member of Gen Y, I found it very interesting and more spot-on than I’ve seen a lot of generational analysis “news” to be.
Some highlights:
“According to popular definitions, this demographic segment was born after the year 1977 and they follow the group known as Generation X (born between 1965 and 1976). Statistics state that there are approximately 78 million Gen Yers and they make up the largest pool of young people in the job market today. Relatively speaking, they are a very diverse group both racially and ethnically, with one in three classified as belonging to a minority group. “
”Generalized personality traits and related attributes for the Gen Y quite often include the following: independent thinking (with many living through divorce, life in daycare or a latchkey existence); anti-establishment; tech savvy (grew up with Internet); heavily pampered and nurtured as children; socially conscious with a strong sense of community; idealistic; high-maintenance individuals with a tendency toward high performance.”
I think the tech-savvy part is pretty much a no brainer for most people, but I wouldn’t be too surprised if many of the people who don’t belong to this generation are new to the ideas of “anti-establishment”, “socially conscious with a strong sense of community” and “idealistic”. It’s all very true though. We know how to fit into the establishment, but we sure wouldn’t mind a way out.
“In entering the workforce, Gen Yers tend to gravitate toward “fun” work environments; they look for jobs with attractive remuneration packages (benefits are important) and flexible work hours; they want diversity in their work responsibilities.”
This is probably why I am seeing more and more of my peers try out the Real Estate industry. They’re their own boss, so they get to set their hours and still have fun, while working with a diverse group of people.
“To retain a Gen Yer, it is wise to provide lots of positive feedback; don’t wait for an annual review-that is far too long for him or her to wait. These individuals have a tendency to be impatient and they don’t want to wait for the rewards. As a highly educated group, Gen Yers want to keep learning and they want to continually make progress in their career path. Gen Yers want their ideas heard, as they quite often had someone listen to them as they grew up and voiced their opinions and thoughts.”
This one strikes home pretty loudly. Going through college, studying finance, marketing, management and computer information technology right before the dot com bubble burst, my teachers told me I would easily get hired right out of college making 6-digits. Instead I worked at a gym selling memberships and slinging cell phones at a kiosk in the mall. Great sales training in retrospect, but nothing like what I expected. I’ve worked my way up. I know I’m doing a good job, I just don’t always know if you realize it. If I had the time, I’d be in night school because I love to learn and apply it to my daily life.
“The bad news around this segment is that the Gen Yers saw the dotcom bust and the Enron debacle, amongst other corporate disasters, and as a result, corporate loyalty does not rank high on their list of identifiable characteristics.”
Indeed. We also heard while going through business school that employees used to be rewarded for staying in a company at the same position for years. USED TO. We also learned in school that now employers (not all industries, I know) want people who want to jump around positions and learn new things and have a diverse background. Plus seeing our parents and their friends get let go from large corporations after years of service, how does that instill loyalty?
“The impact of the Generation Y demographic on the North American economy will be huge as estimates place them at 20% of our current workforce, and they represent the largest generation since the Baby Boomers.”
We are a force to be reckoned with!
Now, in case my manager decides to read this, don’t get the wrong idea. I’m not looking for a new job nor am I dissatisfied with this one. I enjoy what I do – working with a diverse group of people both on our team and our customers to teach them how to deal with Gen Y’ers like me through effective marketing and technology.
Through years of wanting to have a comfortable lifestyle, my generation understands the benefits of home ownership. We’re also educated, ambitious and some of my generation have parents who are gifting down payments right out of college. Don’t forget my parents, the baby boomers, because they have most of the money. But if you get me now and keep up at least reasonably well, you have me for my first house, move-up house, family house, investment property, vacation property, etc. Not too bad in my opinion.
I’m going to be trying to shed more light on what a Gen Y’er like myself thinks and responds to so you can all be more effective at marketing to this insanely large and qualified demographic.
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